Insights from the Market Desk by FenzoFx.com

[FxNews]

NATGAS Consolidates; $4.60 Break Could Spark Rally




FenzoFx—NATGAS started consolidating after it peaked at $4.95, trading slightly below the $4.60 resistance. As long as the price is above the ascending trendline, the trend outlook should be considered bullish.

Cold weather is forecasted for North America. That being said, a close above $4.60 could spark a new bullish wave targeting $4.95. Please note that the bullish outlook should be invalidated if NATGAS falls below the ascending trendline.

[FxNews]

USDCHF Downtrend Pauses at Key Fibonacci Support




FenzoFx—USDCHF trades bearish, but the downtrend eased at the %50.0 Fibonacci support level. Meanwhile, the stochastic oscillator stepped outside the oversold territory, strengthening bullish momentum. The Awesome Oscillator bars also turned green but below zero, indicating the market can consolidate near the upper resistance levels.

The immediate resistance is at 0.8858 CHF. From a technical perspective, if the $50.0 Fibonacci support level holds, USD/CHF will likely test this level. Traders and investors should monitor 0.8858 support for bearish signals, such as candlestick patterns.

Please note that the bearish outlook should be invalidated if USD/CHF exceeds 0.8858. If this scenario unfolds, the currency pair will likely test 0.8914 resistance.

[FxNews]

Ripple Tests Resistance: Will XRP Hit $2.544 Next?





FenzoFx—XRP tested the February 25 low at 1.9530 as support and bounced from it as expected. At the time, the Stochastic and RSI 14 were signaling overbought. As of this writing, Ripple trades at approximately $2.117.

The immediate resistance is at $2.208. From a technical perspective, a new bullish wave will likely form if XRP closes and stabilizes above this resistance. In this scenario, Ripple could rise toward $2.40, followed by $2.544.

Please note that the bullish scenario should be invalidated if XRP/USD dips below $1.9530.

[FxNews]

GBP/JPY Downtrend: 188.0 in Sight?





FenzoFx—GBP/JPY is in a bear market, testing the 189.0 mark as support. Meanwhile, the Awesome Oscillator has shifted below the signal line, indicating that the downtrend should prevail. The primary support is at 189.6. From a technical perspective, a downtrend will likely target 188.0 if GBP/JPY closes below the immediate support.


Conversely, if bulls maintain their position above 189.0 and stabilize above the 38.2% Fibonacci resistance level, a new bullish wave could potentially form, targeting 192.9.

[FxNews]

Bitcoin Finds Support in Bear Market




FenzoFx—Bitcoin traded in a bear market at approximately $83,200 in today's trading session. The Stochastic oscillator stepped away from oversold territory, meaning the downtrend has eased. The immediate resistance is at the 61.8% Fibonacci level, the $84,650 mark.

From a technical perspective, a close above this level can trigger a new bullish wave, targeting the 38.2% Fibonacci at $88,670. Conversely, the bullish outlook should be invalidated if BTC falls below $81,800.

[FxNews]

Silver Holds Steady at $32.55 in Low Momentum Market.




FenzoFx—Silver trades sideways in a low momentum market at approximately $32.55. The Stochastic oscillator left the overbought territory, meaning Silver is no longer overpriced. However, the consolidation phase from $32.75 paused at $32.11 immediate support.

From a technical perspective, the market awaits a breakout. A close above $32.75 can trigger the uptrend, which targets $33.4. Conversely, a dip below the immediate support at $32.11 can trigger a new bearish wave, which could result in the XAGUSD falling toward $31.47.

[FxNews]

Gold Trades Sideways, Investors Await Breakout





FenzoFx—Gold has traded sideways since March 4 at approximately $2,910. The RSI 14 and Stochastic oscillator hover near the median line, meaning the market lacks momentum. The immediate resistance is at $2,930. From a technical perspective, if bulls pull the prices above this resistance, the uptrend could target a $2,955 high.


Conversely, a dip below the immediate support at $2,895 can trigger a new bearish wave, targeting the 23.6% Fibonacci retracement level at $2,860.

[FxNews]

XRP Suffers from Uncertainty: What's Next?




FenzoFx—XRP tested the ascending trendline amid overbought signals. As of this writing, Ripple trades at approximately $2.5, stabilizing above the trendline. The Stochastic Oscillator stepped down from overbought territory as the RSI 14 clings to the median line. This means the market is no longer overbought but suffers from uncertainty.

The immediate support is at $2.40. From a technical perspective, the current bearish momentum can extend to lower support levels if bears push the prices below $2.40. In this scenario, the next bearish target could be $2.209.

Conversely, if bulls stabilize above the immediate resistance at $2.544, the bullish wave from $1.953 can target the 78.6% Fibonacci resistance level at $2.776.

[FxNews]

AUDUSD Retreats as Overbought Signals Spark Bearish Outlook




FenzoFx—The AUDUSD bullish run hit the 78.6% Fibonacci resistance level at $0.636 amid an overbought signal by the Stochastic Oscillator. As a result, the pair dipped below $0.6329, active resistance. From a technical perspective, if the $0.6329 resistance holds, the current bearish momentum could extend to $0.6272. Furthermore, if the selling pressure exceeds $0.6272, the 23.6% Fibonacci support level will likely be targeted.

[FxNews]

Ethereum Bullish Rally Faces Key Resistance at $2,300





FenzoFx—Ethereum trades bullish from $1,990.0, currently testing the descending trendline as a resistance level at approximately $2,300.0. Meanwhile, the Stochastic oscillator hints at an overbought market, meaning the cryptocurrency could consolidate or turn bearish.

The immediate support is at $2,170.0. From a technical perspective, a break below this level can trigger a new bearish wave, targeting the March 4 low at $1,990.0.

On the other hand, the bullish wave from $1,990.0 could extend to $2,550.0 if ETH/USD exceeds Bollinger's upper band.